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Housing market curbs sap wealth of developers
By Lu Nengneng |
October 9, 2012, Tuesday
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Online Edition
Online Edition
CHINA'S continued efforts to cool its housing market has made a dent in the wealth of mainland property tycoons and opened new possibilities in the commercial real estate market, according to the 2012 Hurun Property Rich List published today.
Wang Jianlin, 58, chairman of Dalian Wanda Group, regained his 2010 title as the richest Chinese developer, while last year's No. 1, Hui Ka Yan of Evergrande Real Estate, slid to the third place.
Ranking second on this year's Hurun Rich List with US$10.3 billion in personal assets, Wang is believed to have made 45 billion yuan from property business as Wanda Group erected shopping malls across the country and generated more than US$16 billion last year.
The average wealth of the 50 richest developers in China dropped 5.2 percent from a year earlier to 12.8 billion yuan, a 17.4 percent decrease from its highest in 2007, said the Hurun Research Institute.
The cut-off point for candidates fell 7.7 percent to 6 billion yuan while the benchmark for the top 10 declined 5.5 percent to 17 billion yuan. The number of individuals with over 10 billion yuan in assets dropped by two as their combined wealth shrank more than 10 percent or 53.5 billion yuan.
Wang Jianlin, 58, chairman of Dalian Wanda Group, regained his 2010 title as the richest Chinese developer, while last year's No. 1, Hui Ka Yan of Evergrande Real Estate, slid to the third place.
Ranking second on this year's Hurun Rich List with US$10.3 billion in personal assets, Wang is believed to have made 45 billion yuan from property business as Wanda Group erected shopping malls across the country and generated more than US$16 billion last year.
The average wealth of the 50 richest developers in China dropped 5.2 percent from a year earlier to 12.8 billion yuan, a 17.4 percent decrease from its highest in 2007, said the Hurun Research Institute.
The cut-off point for candidates fell 7.7 percent to 6 billion yuan while the benchmark for the top 10 declined 5.5 percent to 17 billion yuan. The number of individuals with over 10 billion yuan in assets dropped by two as their combined wealth shrank more than 10 percent or 53.5 billion yuan.
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